U.S. stocks edged mostly higher in morning trading Monday as investors pored over the latest batch of deal news. Telecommunications and health care stocks rose, but materials companies lagged. The market is coming off its fifth straight week of gains.
KEEPING SCORE: The Dow Jones industrial average edged up 19 points, or 0.1 percent, to 17,622 as of 11:30 a.m. Eastern Time. The Standard & Poor’s 500 index was little changed at 2,049. The Nasdaq composite added seven points, or 0.2 percent, to 4,802. Major indexes wavered between gains and losses earlier.
HOSPITABLE MOVE: Starwood Hotels & Resorts Worldwide climbed 4.1 percent after the company agreed to be acquired by rival hotel operator Marriott International. The buyout, which could be contested by China’s Anbang, would create the world’s biggest hotel company. Starwood rose $3.33 to $83.90. Marriott International slipped 86 cents, or 1.2 percent, to $72.30.
PAINT IT GREEN: Valspar vaulted 24.5 percent after the paint maker agreed to be acquired by competitor Sherwin-Williams for about $9 billion. Valspar gained $20.56 to $104.39. Sherwin slid $13.10, or 4.5 percent, to $275.59.
EXECUTIVE SHUFFLE: Valeant Pharmaceuticals jumped 11.6 percent after the company announced a succession plan to replace CEO Michael Pearson. Activist investor Bill Ackman will join the troubled company’s board. The stock added $3.13 to $30.14.